Wednesday, May 07, 2008

The Fed gets even dumber

Now they're accepting credit card debt as collateral.

The Federal Government wants to accept a banks owed money as collateral for - a loan. Not savings, or assets, or things that - should the bank go under for some reason (like, making a bunch of bad credit card loans), then the government will get to hold - bad credit card loans.

Head. Wall. Repeat.

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